Operations Management Flashcards
refers to the part of an organization that is responsible for producing goods or services
Operations
Physical items inclusive of raw materials
Goods
activities that provide a combination of time, location, form, and psychological value
Services
The three basic functional areas of business organization
Finance, Operations, Marketing
responsible for securing financial resources at favorable prices and allocating those resources throughout the organization
Finance
responsible for assessing consumer wants and needs, and selling and producing goods or services
Marketing
responsible for producing the goods or providing the services offered by the organization
Operations
the management of systems or processes that create goods or provide services
operations management
a measurement used to ensure that the desired outputs are obtained
feedback
a combination of goods and services
product packages
term used to describe the difference between the cost of inputs and the value or price of outputs
Value-added
any goods that we can see or touch is called
tangible output
differences of manufacturing and service
- Degree of customer contact
- Uniformity of input
- Labor content of jobs
- Uniformity of output
- Measurement of output
- Measurement of productivity
- Production and delivery
- Quality Assurance
- Evaluation of work
- Ability to Patent design
interrelated activities that is included in operations function
- Forecasting
- Capacity Planning
- Scheduling
- Managing invetories
- Assuring quality
